(1) The board of supervisors of any county that now maintains and operates a county penal farm, commonly known as a “county farm,” which farm contains more than five hundred (500) acres and less than six hundred (600) acres of land, which said farm has been continuously operating at a loss to the county for a period of five (5) years or more, and provided said county contains at least four hundred (400) square miles of territory and less than four hundred twenty-five (425) square miles of territory within its boundaries, shall sell, at public sale after receiving bids as required by law for the letting of public contracts, to the highest and best bidder for cash, said county farm; provided, however, that the said board shall retain for the benefit of the county and shall reserve from said sale, at least one-half (½) of the mineral rights and interests in said lands, with full right in the said board, in its discretion, to lease said retained and reserved mineral interests and rights, to the highest and best bidder after receiving bids therefor in the same manner, at the same or any other time.
(2) Any and all amounts received from such sale of said lands and from such lease of said mineral interests or rights, shall be, on receipt by the board, applied to the payment of the bonded indebtedness of said county.
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